The HST takes effect in Ontario on July 1, 2010!

 

What does this mean for your restaurant!


Purpose


  • The HST affects all GST Registered businesses.
  • In exchange for adopting the HST the Ontario government will be providing $4.5 billion in corporate income tax cuts over the 3 year period starting July 1, 2010. The general Corporate Income Tax (CIT) rate will be lowered from 14% to 10% by 2013. The small business CIT rate will be cut from 5.5% to 4.5%. Capital Tax will be eliminated completely on July 1, 2010.



General Guidelines


  • Effective July 1, 2010 Ontario PST will be eliminated and replaced with Federal HST that is made up of two components: 5% (Federal Portion) + 8% (Provincial Portion) = 13% HST.
  • What was taxable for GST will generally be taxable fro HST (i.e. if something has 5% GST on it today, there is a high probability that it will have 13% GST on it after June 30, 2010.
  • Generally, HST if fully recoverable by businesses as an Input Tax Credit (ITC).
  • Temporary restricted input tax credits for large businesses (annual sales in excess of $10M annual sales)
  • Generally self assessing goes away with HST.
  • Cash incentives are in place in Ontario for small businesses for transition to the new tax ( less that $2M in annual sales).
  • One tax, one return, one administration and one audit.
  • Meals less than $4.00 effectively remain exempt of the provincial portion (8%) of the tax.

 

 

Example


Purchase of a piece of restaurant equipment worth $500.00

The way it works today, before HST come into effect:

  • Cost $500.00 + 5% GST + 8% PST = $565.00. 
  • $25.00 in GST is recoverable so actual cost is $540.00


After July 1, 2010 when the HST is in effect:

  • Cost $500.00 + 13% HST = $565.
  • All of the HST ($65.00) is recoverable so actual cost = $500.00 a saving of $40.00

 

Next Steps


  • Consult your tax professional for specific questions regarding your business and the HST.
  • Talk to your Findlay Sales Rep to discuss if menu opportunities may exist to take advantage of the $4.00 "prepared food exemption."
  • The $4.00 food exemption reduces the tax to just 5% (same as GST) on meals where the total pre-tax price is $4.00 or less.
  • Go through construction contracts that span the introduction of HST - make sure there is a clause in your contract concerning the HST and that the savings realized by the HST for the contractor are passed down to you.
  • Try to delay any planned construction until after the HST been implemented.



Links to HST Info, Documentation and Government Websites & Contact Numbers



Canada Revenue Agency at 1-800-959-5525

 

 



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